Gifts to benefit The Lensic Performing Arts Center now:
Charitable lead trusts allow you to leave property to heirs, reduce gift and estate tax costs, and provide income to The Lensic. You contribute assets to a trust and set an amount or fixed percentage to be paid to The Lensic for a designated period of time, or for the life of designated individuals.
- Gifts of tangible personal property, including real estate, can offer an immediate tax deduction and, if qualified as a long-term capital asset (held for a year and a day), offer avoidance of capital gains tax, removal of the asset from your estate, and if appropriate, elimination of maintenance costs of the property. These gifts must be determined useful to The Lensic in pursuit of its nonprofit mission and approved by The Lensic Endowment Investment Committee.
- Gifts of life insurance policies: Contributing a paid-up life insurance policy you no longer need to The Lensic will give you an immediate tax deduction and reduce your estate and inheritance taxes by distributing part of your net worth during your lifetime.
Gifts to benefit The Lensic Performing Arts Center in the future:
- Retirement Plans: Naming The Lensic Performing Arts Center as a full or partial beneficiary of your retirement plan avoids income tax on the distribution from the plan and is the easiest form of planned giving.
- Gifts of life insurance proceeds: Naming The Lensic as a beneficiary of a life insurance policy avoids estate tax on the distribution from the life insurance policy.
- Bequests/giving through your will: You may make a bequest to The Lensic by preparing a new will or adding a codicil amending an existing one. A charitable bequest is deductible in calculating your taxable estate. There is no limit to the amount of that deduction.
- Charitable remainder trusts enable you to make an irrevocable contribution to the future of The Lensic while you receive lifetime annual payments and significant tax benefits. When the trust terminates, the remainder goes to The Lensic.
- Gifts of real estate, reserving the right of occupancy as long as donor and spouse live. A gift of a remainder interest in a personal residence or vacation home can entitle you to an income tax deduction of the asset's fair market value, an avoidance of capital gains tax and the removal of the asset from your estate. This can give a possible annual income tax deduction. To qualify, you must make the gift now rather than in your will.
What your gift supports
Planned gifts can be made to The Lensic for a variety of differerent purposes including unrestricted gifts that give The Lensic the most flexibility in meeting annual operating expenses, or restricted gifts that include Fund the Future, endowment, education and programming.
Donors who make a planned gift to The Lensic will be recognized in printed programs and in the lobby as having made a commitment to the long-term success of The Lensic's Legacy Fund.
For questions, information or a letter of intent, please contact: Aggie Damron-Garner, Director of Finance & Administration, 505-988-7050 ext.1202 or email@example.com.
This outline is prepared as a guide to planning and should not be interpreted as advice for your specific circumstances. We encourage you to consult your own legal, accounting, estate, and other professional advisors as you consider options for giving to The Lensic Performing Arts Center.